Characteristics and Skills of Entrepreneurs

Entrepreneurs can be in their teens or in their 70s, male or female, formally educated or selfeducated. They come from many countries and backgrounds. But they have some characteristics
and skills in common. Entrepreneurs recognize business opportunities more quickly than other
people. They see potential business opportunities in problems and are not afraid to take risks, to
make decisions, or to work hard. They are problem-solvers who communicate well and who
inspire others to follow their lead.
As you will see in this chapter, you too can become an entrepreneur. Many of the skills shared by
successful entrepreneurs can be learned and developed at home, at school, at work, and in the
community
Case Study:
Jeen OBrien, Stephan Szczesniak, Christina Prokop, and Jeff Lowe are the partners in ProkopOBrien. These four, all still in their 20s, are bringing together their talents and skills to write,
perform, and produce jingles for commercials on radio and television, at Web sites, and in video
games.
Jeen, who writes her own music, has been singing with a band since the age of 15. She has a
powerful, rich voice which she has been training for years. Jeen has appeared on television, had
music CDs and videos made, and has played in clubs wherever there was an opportunity to perform and have her music heard.
Stephan started playing the drums when he was 8. He too has played in bands, and he has toured
with country music artists. Stephan went to the Etobicoke School of the Arts and then on to
Humber College. He is the music arranger. He works with a song to make it feel right, creating
bridges between the verse and the chorus, establishing the tempo and the colour of the different
instruments that will be used.
Christina began her business career as a model, working in different locales around the world. By
the time she was 20, she decided that her modeling career was over. She was getting too old. So,
she came back to Canada and joined the film industry. She works with the producers of
commercials. She takes care of the details of a commercial shoot, working with clients and the
creative people who are making the commercials, coordinating the details of the project and
keeping track of the financial details so that everyone stays on budget.
Jeff has been playing the guitar since he was 10 years old. He and Stephan have performed
together with various bands over the years. Jeff also provides music for films. He is the one of
the four who most clearly combines his artistic gifts with a sound knowledge of business and

how it works. He knows the people who would hire Prokop-OBrien, and he knows how to talk
to those people in a convincing manner.
So, how will Prokop-OBrien solve problems for clients and differentiate themselves from the
competition? They will offer music that will be more creative than the usual commercial music
and that will appeal to the large demographic group from teenagers up to 40-year-olds. They are,
as they say, real musicians, people who love music. Music isnt just a job to them. Its their
passion! Their clients will have that talent and passion working for them in the commercials
created by Prokop-OBrien.
The group knows that they have a lot to learn and will need a lot of help as they get started. But
they have some strong support systems in place. Stephans father, Tom Szczesniak, and his
partner, Ray Parker, will help. The two men are musicians who have been writing and producing
music for 35 years for companies like Nelvana. Youve probably heard Tom and Rays songs in
Beetle Juice and Babar films. The two mentors have the sound equipment as well as the
experience, and the four young entrepreneurs will have access to both as they start out. Stephan
points out that this is a tremendous advantage, because the equipment is far too expensive for a
new company to invest in and the experience would take years to acquire.
Jeen, Stephan, Christina, and Jeff meet often to work out their business plan, to select the music
for their demo CD, and to make decisions together. They are determined to keep their business
grounded in the real world. Jeen, who will be the primary writer, knows this will be a challenge
for her. She says she recognizes that she will need to write to satisfy what the client wants, rather
than "writing from the heart."
The four partners are in the process of putting together their demo CD. Jeff and Christina have
the business connections, so they will take the demo around to prospective clients. Once they
have a couple of clients and are earning some money, then they will invest in their own
equipment. Theyll still have their mentors, Tom and Ray, to help. The young people know that
the experience of the older artists will be invaluable to them.
As you read this chapter on the roles and characteristics of entrepreneurs, keep Prokop-OBrien
in mind. How do their skills, talents, and characteristics fit the profile of an entrepreneur? How
have they used their strengths and interests to start their new business venture?

What Is an Entrepreneur?
Entrepreneurs have always been with us. Back when people were hunters and gatherers,
following herds of animals for food and picking whatever plants they found, someone thought of
doing things differently. Some ancient entrepreneur decided to plant crops and raise domestic
animals. An entrepreneur is a person who organizes, manages, and assumes the risks of starting
and operating an enterprise. Entrepreneurs provide new goods or services that will meet peoples
needs and wants, or solve their problems. Many entrepreneurs start businesses to make a profit.
Others are motivated by different goals, such as helping the people in their communities. This
form of entrepreneurship might involve starting a charitable organization like a food bank to
solve the problem of hunger.
Why to Become an Entrepreneur?
Some people seem to be born with an entrepreneurial spirit. As children they figured out how to
sell the most chocolate bars for school fund-raisers. In high school, they started a windowcleaning business and hired others to work with them. They seem to be able to solve a problem
before other people even recognize there is one. They want independence as they earn an
income, and they arent afraid of hard work or being different. They have the characteristics and
skills to run a successful enterprise.
Leaps in technology have made it easier for young people with talent and skills to develop ideas
and start their own businesses. Teenagers and 20-year-olds have started dot-com companies. A
dot-com company does business on the Internet or helps other companies offer products or
services over the Internet. With minimal investment and a good computer, these young
entrepreneurs build successful companies. Not all of them survive in the long-term, but the trend
of younger people taking on the entrepreneurial challenge has been featured in numerous media
stories in the past few years.
At the same time, technology has advanced to the point that start-up business costs, especially
those for a home office, are relatively affordable. Many people who may not have considered
starting their own businesses now think about entrepreneurship.
New Directions:

Frequently, a sudden change in circumstances motivates, or even forces, people to start

businesses in order to earn an income that will provide for their wants and needs.
With the recession that started in 1989 and continued into the early 1990s, many people were laid
off. People who thought they had job security until retirement were suddenly out of work. Since

so many companies had cut jobs, no one was hiring. Rather than continue to job-search, some
people chose to start their own business.
Many people who have immigrated to Canadasuch as Frank Stronach of Magna International
and Peter Munk of Barrick Gold Corp.have used their experience and skills, along with their
personal drive and ambition, to start their own very successful business ventures. Dissatisfaction
with current employment can motivate some people to start their own businesses.
Some groups have found opportunities for advancement in employment difficult. Women, for
example, have had difficulty in getting promoted to the highest levels of corporate management,
although this is less the case today. Women still are one of the fastest growing groups of
entrepreneurs. One third of self-employed Canadians are women.
Sometimes the opportunity to start an entrepreneurial venture is related to geography. For
example, Patrick Akpalialuk is the founder of Northstar Networks in Nunavut. Northstar
manufactures and services computers in Canadas newest territory. Patrick turned the challenge
of being far from major computer suppliers into a business advantage. He pro-vides the people in
his community with one-stop computer shopping and servicing.

Characteristics of Successful Entrepreneurs

Imagine an entrepreneur who didnt like to take risks. Or consider what would happen to
someone who gets terrific ideas but cant persevere. Successful entrepreneurs need a variety of
characteristics, including risk-tolerance and perseverance.
Although not every entrepreneur has every one of the following character traits, most
entrepreneurs will have most of these characteristics in common. While youre reading, think
about whether you share some of the same aptitudes and characteristics
Aptitudes
Most people have a wide range of aptitudesnatural talents, tendencies, or capacities.
Entrepreneurs apply their aptitudes to their business ventures. Some aptitudes that could be
useful in an entrepreneurial venture are the following:
ArtisticEntrepreneurs can use their artistic talents in many different ways. For example, they
may be recording artists, producers of movies or television shows, creators of video games, or
Web designers.

PerceptiveSome people just seem to be more perceptive than the rest of us when it comes to
understanding other peoples intentions, ideas, or emotions. Perceptive entrepreneurs can define
the real problem that people are having in satisfying their needs and wants.
LogicalOther people are able to apply reason quickly to solve consumer and business problems.
MechanicalPeople with this aptitude can understand how machines and mechanisms work and
how they could be improved.
SpatialPeople with this aptitudefor example architects and interior designerscan use space in
an attractive or economical manner.
PhysicalGreat athletes often have superior physical abilities. They have strength, endurance, coordination, and the ability to excel at sports.
IntellectualPeople with this aptitude have a desire to seek out knowledge, to plan ahead, and to
come up with original ideas and combinations of ideas.
What are your aptitudes and talents? Perhaps you can draw cartoons, ski exceptionally well, or
teach ballet to children. These talents just seem to be part of who you are. With practice, hard
work, and education, you can take a basic talent and turn it into an entrepreneurial enterprise.
Vision:
Entrepreneurs can visualize their end results or goals. They have a vision of their success, and
they constantly work toward making it real. They make business decisions with this end in mind
and dont get sidetracked. Often, they have written our their vision, either formally in a mission
statement, or informally, perhaps in a personal journal. A mission statement presents the aims,
objectives, and general principles that a company focuses on. Entrepreneurs refer back to this
statement often. The vision can evolve as the business grows, but remains clear and attainable to
the successful entrepreneur
Risk tolerance
Risk tolerance is the degree to which you can comfortably accept taking chances. Entrepreneurs
need to have a pretty high tolerance of risks. This doesnt mean that they are gamblers, but they
do take calculated risks. For them, the opportunity of success outweighs the possibility of failure.
And even if they do fail, entrepreneurs are likely to try again.
For example, Heather Reisman, the founder of Indigo Books, Music & More, has a high risk
tolerance. She heads up the merged Chapters and Indigo companies in a tough business
environment and a fragile industry. But, then, Heather is not afraid of tough situations

In 1996, she left her job as president of Cott Corporation, the soft drink manufacturer, and
decided to take the risk of starting her own book-selling company. She was warned that she
couldnt compete against Chapters. Chapters were the major bookstore in Canada at the time.
The risk of taking on this giant was considerable. However, Heather judged that consumers
wanted something different from their bookstore. And Indigo was different, offering coffee and
music as well as books in both its physical stores and its virtual store on the Internet. Heather
Riesmans risk paid off.
Confidence
Those who have confidence believe in their own abilities. Because they are sure of themselves,
it is easier for others to believe in them. Even if they fail, they know they will succeed the next
time. This is a key characteristic of entrepreneurs. Their confidence can help them work through
setbacks and sell ideas to potential customers and investors. Sometimes this can be the
confidence to know when to ask for help. A confident person can say I dont under-stand or I
need help without feeling embarrassed
Creativity
Creativity is the ability to create things, usually in an imaginative way. Artists are creative. As
you saw in the Business Profile at the start of this chapter, the four partners of Prokop-OBrien
are all creative artists in their own fields. Whether the creativity appears as an invention, an
innovation, or as marketing or problem solving, the successful entrepreneur is an idea person.
Entrepreneurs see opportunities everywhere. Just walking down the street, they see gaps between
needs and wants. Usually, they have many more ideas than they can ever implement.
Sarah McLachlan, for example, used her singing and songwriting along with her understanding
of the music industry, especially the lack of opportunities for women performers and bands. She
created Lilith Fair, which showcased talented women performers in a unique festival atmosphere.
Lilith Fair success has boosted Sarah McLachlans profile internationally and expanded her
audience.
Perseverance
Have you ever been so determined to succeed at something that you just kept trying until you got
it right? Thats a sign of perseverance.
Creating and running a business is hard work. It often means long hours, disappointments, and
setbacks. Perseverance is the determination that pushes the entrepreneur to keep going, keep
trying. This trait, which was introduced in Chapter 4 as a key requirement of a successful
business, is necessary for a successful entrepreneur. Often, a new business can take two or more

years to become profitable. A successful entrepreneur is pre-pared to continue selling his or her
ideas through the tough times

Initiative
When an entrepreneur sees an opportunity, he or she takes the initiative. Initiative is the
readiness and willingness to start a new enterprise. Entrepreneurs are self-motivated and quite
willing to take on this leadership role and make themselves personally responsible for the
success or failure of an operation.
For example, at the age of 17, Corey Hill was already showing initiative. She was the only
Aboriginal personand the only womanin her welding class at the Guelph, Ont. technical
college she attended. She success-fully learned that trade. Then, after several years as a welder
with the local gas company, she decided that she wanted to open the first health spa and fitness
centre in Ohsweken, near Brantford, Ontario. Her spa, Choosing To Live Healthy, features a
building of her own design which she built with the help of the local business development
office, her father, and people from her community.

Integrity
Integrity is the personal commitment to keep your promises, to do what you say youre going to
do and when you say youre going to do it.
An entrepreneur with integrity creates confidence in customers and investors. When someone
follows through on promises, customers keep coming back, and may even tell friends about the
business. Personal integrity can help entrepreneurs maintain their commitment to their vision.
Offering customers superior workmanship on products and providing good service may take a
little longer, but the entrepreneur knows that his or her reputation depends on that high quality.
Entrepreneurs with integrity are likely to be more successful than those who do not have
integrity. Honest producers of goods and services tend to foster the loyalty of both their
customers and their investors.
Feel Good Cars is one example of a business with integrity. The Canadian company converts
Dauphine cars from the 1960s into completely pollution-free electric cars. In 2000, just as the
cars were ready for production, someone discovered that the batteries used to power the vehicles
were faulty. The faulty batteries could have burst in a front-end collision, and sprayed hazardous
battery acid over the driver and passengers. Feel Good Cars quickly researched alternatives. The
replacement batteries that the company found were more expensive, but Feel Good Cars used

them because they were safer. Safety was non-negotiable. And the company didnt even raise the
price on its cars

Passion
Entrepreneurs are passionate about their ideas, their company, and their vision. Talk to any
entrepreneur for five minutes about her company and youll hear excitement in her voice. This
passion helps entrepreneurs overcome the long hours, the disappointments, and the various
challenges they will face.
Entrepreneurs love what they do. Often, their ideas arise from within, from something they love,
like a hobby, or invention. As you saw in the Business Profile on Prokop-OBrien, sometimes a
group of people who have the same passion can join together to form an entrepreneurial
enterprise. Jeen, Stephan, Christina, and Jeff are using their interest and experience in their arts
of music and film to seize a business opportunity. Their enthusiasm for their idea keeps them
moving forward.
What are you passionate about? A pastime, hobby, or sport? How could you turn your hobby into
a business?

Entrepreneurial Skills
Entrepreneurs need to have a wide variety of skills to run a successful business, including the
skills listed in the Conference Board of Canadas Key Employability Skills (page 76-77). There
are, however, some skills that are especially important for entrepreneurs: problem-solving,
communication, planning, decision-making, and leadership skills
Problem - Solving
All of us have to deal with problems and find solutions to them. The successful entrepreneur sees
opportunities in these problems where many of the rest of us only see difficulties. Sometimes the
best new ideas come from the need to solve a problem.
Bombardier, as you saw in Chapter 4, was hit hard by the energy crisis in the 1970s. With gas
prices soaring, consumers stopped buying the companys snowmobiles; they were just too
expensive to run. So, how did a company that built gas-consuming vehicles handle the situation?
Laurent Beaudoin of Bombardier solved the problem in an innovative way by diversifying the
companys product line. He started the change in the companys focus by making vehicles for

mass transit. Once that venture was successful, the company moved on to producing regional
airplanes. Now, Bombardier is one of the worlds top producers of subway cars and small and
mid-sized jet airplanes.
Ted Rogers of Rogers Communication Inc. is also a problem-solver. Since 1962, he has
recognized business opportunities in the challenges of changing communication technology. For
example, when consumers interest in the Internet grew, Rogers anticipated a decline in the
popularity of television. Rather than fight the new media, he decided to work with it and
launched Rogers@Home, a high-speed Internet provider service that operates through the cable
lines. Rogers already had experience with the method of transmission laid because of its cable
television service
Communication
No matter how creative, talented, and confident you are, if you cant communicate to others that
your ideas are worth their consideration, you wont be successful. Entrepreneurs have to be able
to communicate clearly with customers, suppliers, banks, investors, and employees.
Entrepreneurs must answer e-mail; write letters and reports, and super-vise the design of
brochures or Web sites. They must read and review information. And, perhaps most importantly,
they must listen. After they have read, observed, talked, viewed, or listened, they must analyze
the information and their reactions. For material they can apply to their business.
Even if busy entrepreneurs hire others to handle most of these tasks, they still must communicate
with the people they hire to ensure the work is done properly.
How are your communication skills? Are you able to explain your ideas in a way that people
understand? Are you able to actively listen to someone elses ideas, asking appropriate questions
to make sure you really know what they mean?
Writing
Writing well is critical to an entrepreneur. If, as an employee, you write clear and polite
responses to customer-complaint emails, your writing will reflect well on your company. The
customer may not remember your name, but he or she will be impressed with your company.
But if you are an entrepreneur and you write the same kind of clear and polite responses to
complaints from customers, both you and your company are likely to be remembered favourably.
Being able to write clearly, accurately, and persuasively can help you keep your customers. Good
writing skills will also help you write stronger proposals, more efficient reports, and clearer press
releases library right at your fingertipsyou can get buried in information and quickly

overwhelmed. In a way, an entrepreneur must be researching every day. Good reading skills can
mean the difference between reacting in time to trends, or scrambling to catch up.
Reading
Being able to read quickly, accurately, and with a high level of recall is extremely useful in this
age of information. With daily newspapers, weekly and monthly magazines and the Internetthe
worlds largest library right at your fingertipsyou can get buried in information and quickly
overwhelmed. In a way, an entrepreneur must be researching every day. Good reading skills can
mean the difference between reacting in time to trends, or scrambling to catch up.
Speaking
Many people fear public speaking. Fortunately, you can learn to over- come these fears by
learning speaking skills and techniques to turn your nervous energy into enthusiasm. Often,
potential investors, business customers, or even banks require business owners to make a
presentation on their product or service. A presentation is a formal speech in which you sell
your idea to your audience. Slightly different than a regular speech in which you simply share
information, the presentation is designed to persuade listeners. Using sophisticated software
programs, such as Microsoft PowerPoint, slide projectors, flip charts, or overhead projectors, the
entrepreneur will try to convince his or her audience that the product or service is valuable and
necessary. Making a compelling presentation means making a sale or impressing banks or
investors. Entrepreneurs who learn this skill have a greater chance of success.
Listening Good listeners have the ability to understand the intentions, ideas, or emotions that
others express. An entrepreneur has to be able to listen carefully to find out what the customer
really needs and wants. For example, as a good listener, you may be able to turn an angry
customer into one with a renewed commitment to your company. When a customer calls to
complain, a wise entrepreneur sees this as an opportunity. Here is a real customer who took the
time to provide you with feedback. This is valuable information. If you listen in a respectful way,
customers will recognize your sincere interest and willingness to correct the problem. They will
end the call with a sense of accomplishment and a belief in your companys integrity. You will
keep your customer and gather valuable insights.
Viewing and Representing Entrepreneurs today also have to have sound viewing and
representing skills. In a world that is full of media imageson television, on the Internet, on
billboards, in newspapers and magazinesbusiness people have to understand the impact such
images have on consumers. In order to appreciate the effect that their own marketing and
advertising campaigns will have on potential customers, entrepreneurs have to be able to analyse
their own and their competitors media images. They also need to know how to make their own
visual and media texts convincing for their target audience. While entrepreneurs may not actually
be the ones who create the advertisement or the pack- aging, they do have to know what purpose
the advertisement or package is to serve and how best to achieve that purpose. They have to be

able to visualize the end result and identify the steps needed to achieve that result. They have to
be able to keep their focus on that purpose and audience as they go through the brainstorming,
planning, and drafting stages of media works.
Planning
Having a great idea is only the first step to becoming an entrepreneur. The difference between
success and failure can be your ability to plan. The advantages of planning are twofold. Planning
allows you to prepare for the future. If you know you will need to replace expensive equipment
in three years, you can begin saving now, rather than going into debt to purchase the
replacement, or having the equipment break down because it has worn out. Planning also means
you are planning for growth. Thinking ahead about the changes your company needs to make to
continue growing means it will grow with fewer surprises. Massive unexpected growth can leave
entrepreneurs scrambling for equipment, staff, and time. Sometimes companies that grow rapidly
without planning, collapse soon afterwards. They couldnt sustain the growth.
Decision-making
Decision-making is another essential skill for the entrepreneur. Entrepreneurs who put things off
can miss opportunities, wasting time and money. An entrepreneur must look carefully at the
advantages and disadvantages of each possible decision, weighing the short- and long-term risks
consider a broad range of ideas from different sources, gathering and analysing information
survey the market and talk to customers
The need to be right keeps some people from making a decision. Despite the possibility of
making a mistake, the decision has to be made. If it turns out to have been a poor deci- sion, a
wise entrepreneur will learn from the mistake and move forward
Leadership
Leadership is the ability to lead others. Leaders inspire others to follow their example. They
dont have to do everything, or know every- thing, but they have to know what they want and
who they themselves are. Good leaders set an example by having supe- rior work habits and
acting with integrity. People are more likely to follow someone they respect. Asking people for
advice, praising ideas, and encouraging contributions are excellent leadership tactics. The more
others feel they are valued, the more they seek ways to help and the more ideas they will
contribute to the company. When things go wrong, strong leaders take full responsibility, but
when they go well; attribute successes to the efforts of their team.

Who want to be an Entrepreneur?

Do you think operating your own business sounds great, but are wondering where to start? You
have many choices. You may already have an idea, but just dont realize it!
As we discussed earlier, entrepreneurs are passionate about their businesses. So what are you
passionate about? Do you love animals? Are you good at fixing computers? Maybe you can play
the guitar. Starting off with something you already love to do and are pretty good at is often the
best way to find the inspiration for your business idea.
Think about your hobbies and then look for a unique way you can use that as a business idea.
Remember, it has to be something that people will need and/or want, or you wont be running a
business; it will still be a hobby. Lets say you love animals, especially dogs. You have a dog and
so do many of the people on your street. A dog-walking service might be something people need,
especially in nasty weather.
Lynn Young had always loved dogs. She took great pride in obedience training her dog, Becky.
As a new mom, Lynn was looking for a way to spend more time at home. She put together her
knowledge of dog-training and new parenting skills to create Dogma, an obedience training
program for dogs with a specialty in preparing the family dog for a new baby.
Jot down a few of your hobbies and talents, or things you just like doing. Then, watch for
opportunities and inspiration around your com-munity. Youll be surprised what ideas will come
to you.
Self -Assessments
Do you have what it takes to be an entrepreneur? How about to be a successful entrepreneur?
Before you launch yourself as an entrepreneur, you need to be able to assess your skills and
characteristics honestly to see which areas you need to work on. For example,
Would you be prepared to take the risks needed to start a new business? Do you like to take the
initiative? Could you handle the stress involved in starting up a new venture?
Are you confident about your own abilities and skills? Do you know which skills youd need to
work on or get help with? Have you started building up those skills?
Can you identify the root causes of problems? Do you enjoy solving problems? Do you consider
most problems to be an opportunity?
Can you evaluate new opportunities coolly and calmly without let-ting your enthusiasm run
away with you?

Can you make decisions, even if there is a risk of failure?

Do you usually stay committed to a project even when you run into difficulties?
Are you willing to work long hours for little reward, at least at the start of your venture?
Can you plan ahead? Do you get things done on time? Do you usually finish what you start?
Do you have the knowledge you needabout the market, competitors, production and other
processes? Are you willing to continue learning as long as you live?
Can you lead other people? Can you take responsibility? Can people trust what you say?
How Can You Get the Skills You Need
Now that youve assessed some of the characteristics and skills you have and those you might
need to work on, how do you get the training you need? There are many ways to find out the
things you need to know.
Applying Courses
Even if you dont know exactly what business you want to start, or whether entrepreneurship will
work for you, taking some courses related to this field will help you, no matter what career path
you choose.
For example, accounting courses are a good choice. No matter what business is right for you,
there will be money involved. Knowing how to manage finances will help you realize your
dreams. Getting the know-how early means getting there even faster. If you decide to let
someone else handle your bookkeeping, youre still ultimately responsible. A basic
understanding of accounting principles lets you ask the right questions and understand the
answers.
Going to college or university or apprenticing to learn more about your business idea, or just to
learn about the world and train your mind to think analytically and creatively, is a great start.
Knowledge, even when it seems totally unrelated, is never wasted. Martha Stewart who produces
the popular television show Martha Stewart Live worked in the financial industry before
becoming a caterer. Now, she runs a vast multimedia empire. She tapped into all her past
experience to create her business and make it successful. Courses may also be available through
Human Resources Canada, your local library, or Parks and Recreation services. Many
organizations, such as The Conference Board of Canada and Planet Entrepreneur, offer
conferences and seminars on a wide range of business-related topics. Many are specifically
targeted to younger entrepreneurs.

Researching & Reading

A vast network of information on how to start a business and how to keep it running smoothly is
also avail-able. It can be found on the Internet and in various media. Many daily newspapers
have business sections. Newspapers, like The Globe and Mails Report on Business section,
magazines, such as Profit and Realm, and television programs, such as Venture, provide in-depth
coverage. They discuss trends and government decisions that could affect businesses.
Organisations and Programmes
Learning from others with the same interests is a rewarding way to gain the experience needed to
succeed as an entrepreneur.
Many organizations are devoted to developing small business skills through workshops,
seminars, informal discussions, and mentoring programs. You may be paired with a peer or adult
with more experience whom you can call on for support and counsel. You might ask the person
to let you intern as a volunteer so you gain real-world experience
A mentor is someone who has business knowledge and experience and who offers support and
practical help. Mentoring is so important to new entrepreneurs that the Business Development
Bank of Canada (BDC) offers it as a prize for their Young Entrepreneurs Awards com-petition.
BDC provides small businesses in Canada with information, financial and management services,
and business loans.
The 4-H Club of Canada offers leadership training, and Toastmasters International offers great
tips and seminars on public speaking.
The Canadian Youth Business Foundation offers an online mentoring program. According to
their Web site, you can either learn from your own experience, or from someone elses. You can
do it yourself, but learning from someone whos been there makes it easier to avoid the pitfalls.
Other organizations are also offering advice, training, awards, financing, and other services
helpful to the budding entrepreneur.
The Association of Collegiate Entrepreneurs (ACE) is a national not-for-profit organization
dedicated to helping young entrepreneurial Canadians succeed in the new economy.
Junior Achievement is an international nonprofit organization dedicated to educating and
inspiring young people about business. It helps people discover leadership and entrepreneurial
skills so they can achieve their highest potential as citizens in the global community.

Use the self-assessment list on page 364 to assess your entrepreneurial strengths. First work with
a partner to answer the questions. Offer examples of times when you showed these
characteristics in your daily life at home, at school, at work, and in your community. Then write
a plan describing how you could further develop one of your entrepreneurial characteristics or
skills.
To assess your risk tolerance, create a chart listing five circumstances in which you decided to
take a risk. For each circumstance, state the out-come of your decision. What was the worst thing
that could have happened? What was the best thing that could have happened? What were the
consequences of your decision?

Points to remember
Entrepreneurs sometimes have natural talents or attitudes that they are able to use to their
advantage in their entrepreneurial venture.
Some of the characteristics usually associated with entrepreneurs include vision, risk-tolerance,
confidence, creativity, and integrity.
Entrepreneurial skills include problem-solving, communication, planning, and leadership skills.
Self-assessment is a good beginning step for a potential entrepreneur to take.
There are many ways to get the skills you need, by taking courses, research-ing, and joining
organizations.
Activities
Knowledge/Understanding
List two things that you have done that displayed entrepreneurial characteristics and skills.
Describe the incident and list the characteristics and skills.
Select three entrepreneurial characteristics and or skills that you possess and explain how you
might use them in a present or future entrepreneurial endeavour.
Thinking/Inquiry
Write a brief explanation on what entrepreneurs can learn from set-backs or failures. How do you
think failure helps entrepreneurs?

Identify two entrepreneurial skills that you would like to improve or work on. Conduct research
to discover what opportunities are available in your community to help you improve these skills.
Do this activity in small groups. Your goal will be get a piece of paper in or as close to a basket
as possible. The objective of the game is to gather as many points as possible for your team. The
closest point to the basket is a one-point wager, the next closest point is two-point wager and the
farthest point is a threepoint wager. Each member of
your team will get a chance to participate. Each team member must decide on how many points
to wager prior to tossing the paper towards the basket. If a team member misses the basket the
amount of the wager is deducted from the teams score. After the game brainstorm as a class.
Think about how your individual and group experiences in this activity relates to the skills and
characteristics of Entrepreneurs.
Communication
Interview an entrepreneur and use the checklists you developed to identify which of the
entrepreneurial characteristics and skills that they possess.
Examine the definition of an entrepreneur. Think of people who you admire who fit this
definition. Prepare an interview script in which you inquire how they became successful and the
role that their entrepreneurial skills and characteristics played in their success.
Applic ation
With a partner identify an entrepreneurial idea that would benefit your school or community.
Write a business letter to your school principal or relevant community organization describing
the idea. You must ensure the letter is professionally written and convincing.